Following is the Trial Balance of Jitesh and Pritesh. The partners share profits and losses equally.
| Trial Balance as on 31st March, 2010 |
| Particulars | Debit**Balance**(Rs) | Credit**Balance**(Rs) |
| Capital - Jitesh
- Pritesh
Bills Receivable and Bills Payable
Opening Stock
Purchases and Sales
Returns
Salaries
Wages
Conveyance
Commission
Miscellaneous Expenses
Warehouse Rent
Brokerage
Dock Charges
Insurance
Goodwill
Land and Building
Shares in Bajaj Ltd.
Cash in hand
Sundry Debtors and Creditors
Motor Van |
40,000
70,000
1,94,000
3,000
15,600
28,400
2,200
3,200
9,000
3,000
4,200
4,800
76,000
1,80,000
50,000
3,600
56,000
60,000 | 2,00,000
1,20,000
50,000
3,63,000
4,000
6,000
60,000
|
| 8,03,000 | 8,03,000 |
Adjustments
(1) Closing stock was valued at Rs. 75,000.
(2) Depreciate land and building and motor van at 5% p. a.
(3) Insurance is paid for the year ended 31st May, 2010.
(4) Jitesh has taken goods of Rs. 3,000 for his personal use.
(5) Books of Rs. 8,000 were destroyed by **** and the Insurance Company admitted a claim of Rs. 6,400 only.
(6) Commission due but not received Rs. 1,600.
Prepare after taking into account the adjustments:
Trading and Profit and Loss account for the year ended 31st March 2010 and Balance Sheet as on that date.
